Rush to Buy Before Tax Credit Expiration Drives Record EV Sales at Ford, GM

The expiration of the Clean Vehicle Credit marks a pivotal moment in the EV industry, an analyst said.

A pair of 2021 Ford Mustang Mach E vehicles are displayed for sale at a Ford dealer in Wexford, Pa., on May 6, 2021. Keith Srakocic/AP Photo

Consumers rushing to purchase electric vehicles prior to the expiration of a $7,500 federal tax credit led to record third-quarter electric vehicle (EV) sales for America’s largest automakers.

Ford Motor Company said on Oct. 1 that its U.S. sales were up by 8.2 percent year over year in the third quarter. EV sales of 85,789 vehicles marked a nearly 20 percent increase for the quarter. The company’s U.S. sales have grown for seven consecutive months.